8 Smart Money Moves To Make in 2021

Smart Money Moves

Financial literacy is one of the most useful things you can implement, making it a great journey for the new year. Unfortunately, many people start too ambitiously and never finish their new year plans  If you want to be better off financially by 2022, Here are 8 unique tips to help you  make smart money moves.

1. Manage your debt

Make a chart of the debts you need to pay off, set an end date, and figure out what you need to pay each month to have it all gone by that date. You may have to cut some unnecessary spending, but it’ll be worth it to have a goose egg as your total debt number. In the meantime, try not to enter into any more debt, either; you’ll have those payments gone in no time.

2. Eliminate bad spending habits

There are good, cheaper alternatives to every choice here! Examine your card statements and see where you could cut out some spending. Make coffee at home, only buy Starbucks once a week, set a budget for every clothes shopping trip, and use websites like ThriftBooks for your college materials.

3. Cut or find a cheaper alternative to cable

The average American spends anywhere from $51 to $75 a month on cable television or more. If you’re one of those people, you could easily save up to $900 a year by cutting out that bill. Thankfully, 2021 brings along a myriad of cable alternatives.

4. Avoid eating out

On average, Americans spend about $4,155 a year eating out, an average of about $11 a day. That’s insane! Just think about how much extra money you’d have if you cut down on eating out. While it’s unrealistic to completely stop eating out altogether, and there are ways to save money when eating out, making better choices is possible.

5. Prepare more food at home

If you’re following the advice of not eating out,  that means you’ll be eating in more. Luckily for you, preparing your own food is a great way to save money! Besides the obvious fact that you’ll spend less money on McDonald’s and Starbucks, you can always get smarter about your grocery shopping habits.

6. Set achievable savings goals

One of the best pieces of advice for any long-term goal is to set achievable short-term goals. If you have $1,000 right now and your long-term goal is to save $10,000, your short-term goals need to be broken down a lot more. Try using a goal tracker on your phone or in a planner and make goals by the month or week.

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